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Get your taxes done using TurboTax
Please see my comments below regarding your Form 709 gift tax questions :
- It is hard to recreate your exact situation from your screenshot since I do not know what was entered on the backup schedules that support Line 1 and Line 2. However, the website used may not work correctly if you entered $22 in any gift or part of a gift that qualified for the political, educational, or medical exclusions. Otherwise, Line 3 is supposed to sum Line 1 and Line 2 correctly.
- As stated in 2020 Instructions Form 709, page 18, the tax table should be used to compute the gift tax for the amount on Line 3 and the amount on Line 2. However, the amounts entered in Line 2 and Line 3 are under the taxable amount.
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March 29, 2021
3:05 PM